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Welcome from Marco Forgione - Director General, Institute of Export & International Trade

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This ‘Doing Business with Malaysia’ guide is designed to help businesses enter a high growth market which is the second biggest for the UK within the Association of Southeast Asian Nations (ASEAN).

It comes as the UK’s negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) gather pace. Malaysia is one of the 11 founding members of the pact and accession to it could lead to 99.9% of UK exports becoming eligible for tariff-free trade.

The government estimates that British exports to the CPTPP area will increase by 65% to £37 billion by 2030 [Source – Department for International Trade, 2021]. UK trade with CPTPP members also grew by 8% annually between 2016 and 2019.

Dialogue partner

The UK has also been a dialogue partner with the ASEAN group since 2021, allowing British officials to attend annual meetings of foreign and economic ministers in a bid to foster greater co-operation on trade, investment, climate change, science and technology, and education.

In education and healthcare in particular there is already strong collaboration between the UK and Malaysia. In November 2021, the two countries signed an MoU to bolster recruitment of Malaysian healthcare workers in the UK, and there are over 80,000 Malaysian students taking UK qualifications.

Strong trade ties

Malaysia is already shaping up to become a significant trading partner for the UK post-Brexit. In 2021, Malaysia exported £2 billion worth of goods and £538 million of services to the UK and imported £1.5 billion million worth of goods and £1.1 billion worth of services the other way [Source – ONS, 2019].

There are many benefits to doing business in Malaysia too, with the country ranked 12th in the World Bank’s 2020 Ease of Doing Business Index.

Challenges

However, as with any market, there are cultural and regulatory differences that British exporters will need to be aware of. This guide will help you with these challenges.

But there has never been a more exciting time for British companies to be doing business with Malaysia. We at the IOE&IT are ready to support you with this through our training, qualifications, consultancy, and other support services.

 

Marco Forgione
Director General - Institute of Export & International Trade
www.export.org.uk
   

 


 

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